CT SB00070

Requires owners to pay contractors, subcontractors, and suppliers within 30 days of written payment requests for labor and materials furnished.

Mandates contractors pay subcontractors and suppliers within 30 days of receiving payment from the owner for the corresponding work, and subcontractors must include similar payment provisions in their own subcontracts.

Establishes a minimum 15 percent overhead and profit rate for all pending or approved change orders, and relieves contractors of obligations to perform additional changes when pending change orders exceed 5 percent of the original contract cost.

Requires payment requisitions to include statements detailing the status of all pending and approved change orders with dates, costs, and descriptions of completed work.

Imposes one percent monthly interest on unpaid amounts 10 days after notice, requires disputed funds to be placed in escrow, and provides penalties including reasonable attorney's fees and 10 percent damages for bad faith non-payment; grants direct right of action against owners in superior court.